South Park Blocks
The Jeffrey Apartments

1201 SW Eleventh Ave.

Leasing Contact:
Steve Olivares, Pinnacle Realty Mgt. Co.
e-mail, 503-954-2228 fax 503-954-2230

Background

In 2001, PDC acquired the Jefferson West Apartments located at 1101-1139 SW Jefferson St. to preserve the site’s Section 8 subsidy and affordability, consistent with the City’s No Net Loss policy. The site consisted of 50 project-based Section 8 SRO rented at 30% MFI and 28 market-rate one-bedroom units. A PDC commissioned feasibility study for the property determined that construction of a new replacement for the units on a nearby site would be the most cost-effective and least disruptive manner to facilitate preservation of the affordable units.

In June 2004, the Commission received an unsolicited proposal from E&F Properties, LLC asking the Commission “to explore the opportunities to provide replacement housing for the Jefferson West (pictured left) on property currently owned by E&F on the same block 50 feet to the north.

The proposed replacement site was occupied by an office building leased to the NW Film Center and a 24-car commercial parking lot. PDC solicited interest from landowners with similar property, but received no qualified responses.

Project Goals

Maintain affordable housing resource in the West End neighborhood;
Increase the quality of housing through better design, larger units (studios upgraded from SROs), improved indoor and outdoor common areas, and improved property management;
Prevent the need for temporary displacement of the Jefferson West’s residential tenants;
Create redevelopment opportunity on Jefferson West site;
Improve pedestrian atmosphere; and
Further leverage existing public investments in transportation (streetcar), development (Museum Place, Safeway, Eliot Tower, St. Francis) and cultural and community resources (YWCA).

Project Description

The Commission authorized negotiations with E&F Properties, LLC in January 2006. The replacement project, named the Jeffrey, will include the following one-for-one replacement of the current Jefferson West units with 50 studio (upgraded from SRO) units renting at 30% MFI and 30 one-bedroom units renting at 50% MFI. The project has the potential to provide additional housing units and ground floor retail space. In exchange for developing the replacement housing, E&F will have the right to purchase the Jefferson West site at fair market value, allowing the proceeds from this sale to be available for use by PDC in the South Park Blocks URA for additional projects.

Oregon Housing and Community Services recently awarded the Jeffrey a $700,000 allocation of 9% LIHTC in the fall 2006 Consolidated Funding Cycle.

aerial map

PDC's Partners

E&F Properties, LLC, developer

PDC's Involvement

Revised December 12, 2006
Item	Date

PDC acquisition of Jefferson West Apartments	2001
E&F Properties proposal submittal to replace Jefferson West on same block and redevelop the underlying Jefferson West site	June 2004
Jefferson West Feasibility Study completed	March 2005
PDC Solicitation of Interest	September 2005
PDC Board of Commissioners authorizes negotiations with E&F Properties for development of replacement housing and subsequent sale of Jefferson West site.	January 2006
E&F secures 9% LIHTC allocation for Jeffrey.	October 2006
E&F working on design and financing plan for Jeffrey.	Present
E&F is working on schematic designs with Ankrom Moisan Architects and is scheduled for completion of the project in the fall of 2008.	Fall 2008

Project Dates

Item	Date

E&F is working on schematic designs with Ankrom Moisan Architects and is scheduled for completion of the project in the fall of 2008.	Fall 2008